The first of the new funds, Versant Venture Capital VII, is a $600 million biotech fund that the venture capital firm says will be invested in 20 or more startups in the U.S., Canada, and Europe. Versant says it expects more than half of the fund’s portfolio companies will be created anew by working directly with entrepreneurs or through the firm’s network of laboratory and incubator spaces, which has outposts in New York, Toronto, and Basel, Switzerland.
Versant also unveiled a $100 million companion fund that will focus on investments in Canada.
This new fund comes five years after the firm set up Canadian operations. Versant says the goal of this fund is to establish five to eight startups with operations in the country. This fund will invest alongside Versant’s biotech funds, making use of the firm’s resources.
Photo by Depositphotos